ECON 2010 Chapter : Chapter 6
Document Summary
1/28/2016 5:34:00 pm: industrialized countries have enjoyed real wage growth in the 20th century, 2010: us real earnings are twice real earnings in 1960, 2010: us real earnings are nearly five times earnings in 1929. Trend 2: the rate of real wage growth has stagnated since 1973, fastest during the 1960s and early 1970s, the number of people with jobs and the % of populations employed has substantially increased. Aggregate labor supply: macroeconomic determinants of labor supply, size of the working age population, domestic birthrate, immigration and emigration, ages when people enter and retire from the workforce, share of working age population willing to work. Trend 1: increasing real wages: industrialized countries have had sustained growth in productivity in the 20th century, increases demand for labor, both real wages and employment increased, productivity increases were due to, technological progress, increases in capital.
